Discuss the importance of the going concern assumption to the practice of accounting.
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (5 reviews)
The going concern assumption is important in that all measures of performance and financial position ...View the full answer
Answered By
PRINCE PANDEY
I am Indian Chartered Accounting having a strong hold in the subjects of Accounting, IFRS Reporting, Indian
Taxation, Cost Accounting, Auditing. I have vast experience of teaching a student with easy way problem-solving approach.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Applying International Financial Reporting Standards
ISBN: 978-0730302124
3rd edition
Authors: Keith Alfredson, Ken Leo, Ruth Picker, Paul Pacter, Jennie Radford Victoria Wise
Question Posted:
Students also viewed these Accounting questions
-
Discuss the importance of primary keys to the accounting database.
-
Discuss the importance of complementary effects in a keep-or-drop decision.
-
Discuss the importance of trust in business. Can you cite examples? What happens when trust is lost?
-
People who earn a higher salary can afford more goods, including health care. However, according to Grossman, they will choose a higher desired health stock. Why is this so, according to the model?
-
Apex Marine, Inc., had income before income tax of $117,000 and taxable income of $91,000 for 2012, the companys first year of operations. The income tax rate is 30%. 1. Make the entry to record Apex...
-
The Macro soft Company gives each of its employees the title of programmer (P) or project manager (M). In any given year 70% of programmers remain in that position, 20% are promoted to project...
-
William Green recently acquired the financial controlling interest of Importers and Wholesalers, Inc., importers and distributors of cutlery. In his review of the duties of employees, Mr. Green...
-
A firm purchased some equipment at a very favorable price of $30,000. The equipment resulted in an annual net saving of $1000 per year during the 8 years it was used. At the end of 8 years, the...
-
b. Simulate the graph in given in Figure. 1 to find the shortest path from the graph given below using Dijkstra algorithm, where 'A' is the starting node and 'G' is the destination Value of 'y' is...
-
Vijay, Vikram and Vinay started a limited liability company with a total share capital of Rs 60,000 as equal shareholders. Initially, they contributed capital as follows: Vijay, Rs 20,000; Vikram Rs...
-
Describe the qualitative characteristics of financial information according to the Conceptual Framework, distinguishing between fundamental and enhancing characteristics.
-
Discuss the essential characteristics of an asset as described in the Conceptual Framework.
-
A mixture of 1 kmol of H2 and 1 kmol of Ar is heated in a reaction chamber at a constant pressure of 1 atm until 15% of H2 dissociates into monatomic hydrogen (H). Determine the final temperature...
-
Explain how conspiracy differs from complicity.
-
The State of Florida has brought this petition for issuance of a writ of certiorari seeking to quash an order of the trial court determining that the respondent/defendant, Alexander James, is...
-
Is black rage a legitimate excuse defense? Why or why not?
-
How does defense of habitation differ from defense of property?
-
Can an ordinary citizen use force and claim a law enforcement defense? If so, when? What about deadly force?
-
An operational database: a. Contains data that are volatile. b. Covers the data of current and previous fiscal years. c. Is updated before transactions are processed. d. Contains data that are...
-
Explain how two samples can have the same mean but different standard deviations. Draw a bar graph that shows the two samples, their means an standard deviations as error bars. T S
-
The financial statements of Marks and Spencer plc (M&S) are available at the books companion website or can be accessed at corporate.marksandspencer....
-
The financial statements of Marks and Spencer plc (M&S) are available at the books companion website or can be accessed at corporate.marksandspencer....
-
What is an operating segment?
-
Shakespearenever fails to stun an audience with a complex yet entertaining character. HisplayofMacbethis no exception. One might judge Macbeth to be the valiant hero of the play, to the audiences...
-
In the context of performance management in not-for-profit organizations, Discuss the difference between objectives, Outputs, outcomes, and impact. Give an example of an objective, an output, And an...
-
Evidence is used to make a decision whenever the decision follows directly from the evidence (Tingling & Brydon, 2010). This is where so many people get it wrong or going by their personal beliefs or...
Study smarter with the SolutionInn App